Full industry equilibrium : a theory of the industrial long run

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書誌事項

Full industry equilibrium : a theory of the industrial long run

Arrigo Opocher and Ian Steedman

Cambridge University Press, 2015

  • : hardback

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Summary: "This highly original book develops a systematic zero-net-profit comparative statics theory of the firm that challenges many widely held views in microeconomics. It builds a bridge between the marginalist long-run theory of the firm and Sraffian theory to create a unified theoretical framework that explains how firms react to exogenous shocks resulting in new equilibrium positions of the whole economy. The central message of the book is that too often economists expect more from the microeconomic laws of input demand and output supply than they can really give. The authors show that the zero-net-profit condition requires a more articulated analysis that sometimes yields qualitative results contrary to those of familiar economic laws. Written for academic researchers and graduate students, the book will be of particular interest to those working on the microeconomics of industry equilibrium, comparative statics and Sraffian economics"-- Provided by publisher

Summary: "The late 1960s saw the growth of a new long-run theory of the firm, many of the contributions to this literature appearing in the American Economic Review. At about the same time, capital theory flourished, as a sequel to Sraffa's famous book, Production of Commodities. Each of these theories emphasized that the forces of free competition lead to positions of zero extra-profit and each, in its own way, involved a rejection of over-partial reasoning"-- Provided by publisher

Includes bibliographical references and index

内容説明・目次

内容説明

This highly original book develops a systematic zero-net-profit comparative statics theory of the firm that challenges many widely held views in microeconomics. It builds a bridge between the marginalist long-run theory of the firm and Sraffian theory to create a unified theoretical framework that explains how firms react to exogenous shocks resulting in new equilibrium positions of the whole economy. The central message of the book is that too often economists expect more from the microeconomic laws of input demand and output supply than they can really give. The authors show that the zero-net-profit condition requires a more articulated analysis that sometimes yields qualitative results contrary to those of familiar economic laws. Written for academic researchers and graduate students, the book will be of particular interest to those working on the microeconomics of industry equilibrium, comparative statics and Sraffian economics.

目次

  • Preface
  • Introduction
  • 1. Taking seriously the tendency to zero net profits
  • 2. An isolated industry
  • 3. Multiproduct firms
  • 4. Interdependent industries
  • 5. Industry-level input use. Some aftershocks from capital theory
  • 6. The 'autonomous' components of input prices
  • 7. The effects of taxation
  • 8. Productivity increase
  • 9. Full industry equilibrium in retrospect
  • 10. Conclusion
  • References
  • Index.

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